The employment in the chemical and pharmaceutical products sector in Austria has shown a consistent upward trend over the past decade. Starting from a value of 29.33 thousand full-time equivalents (FTE) in 2013, the sector grew to 32.93 thousand FTE by 2023. This represents a compound annual growth rate (CAGR) of approximately 1.02% over the last five years. The most significant year-on-year increase occurred in 2018 with a rise of 3.35%, while growth rates have generally been subdued over the last two years, with increases of around 0.83% in 2023.
Forecasts for the next five years suggest a continuation of this growth trend, with employment expected to rise to 34.21 thousand FTE by 2028. The forecasted 5-year CAGR is around 0.6%, indicating a moderate but steady expansion of the workforce.
Future trends to watch for include:
- Advancements in pharmaceutical technologies and their impact on employment.
- Potential shifts in regulatory environments and their effects on industry dynamics.
- The role of sustainability and green chemistry initiatives in driving job creation within the sector.
